How to Maintain Financial Compliance

Legislation in many regions mandates communications capture, monitoring and reporting for businesses operating in the financial markets. Those not meeting the requirements risk non-compliance fines, penalties and reputational damage. Banks, investment firms, brokerages, credit unions and other financial services companies must take a holistic approach to compliance—encompassing proactive, active and reactive capabilities—in order to achieve regulatory conformance, prevent unwanted failures and ensure ethical integrity.

Tackling Risk and Compliance for Financial Services

Strict regulatory regimes, such as the Dodd-Frank Act, the Volcker Rule, MAD II/MAR, and MiFID II, mandate communication recording, monitoring and records retention obligations for banks, insurance companies, credit institutions, trading rooms, investment firms and corporate finance across the globe. Under these regulations, investment firms and banking entities must retain sufficient records—voice calls and electronic communications included—to demonstrate financial compliance for no less than five years unless a longer period is required by a financial regulator.

Other sets of legislation require establishing systems of surveillance for trade execution, pre-trade and post-trade activities: from preventative information barriers and real-time communications monitoring to detective measures to identify potential signs of market abuse and insider trading.

Verint is uniquely positioned to help businesses to achieve financial compliance, prevent data breaches, resolve disputes, reconstruct transactions, perform data analysis and ensure integrity. Our platform ensures that all conversations are instantly available in a secured format when needed to enable these measures.

A holistic approach to compliance

Verint delivers compliance recording, archiving, speech analytics and proactive policy enforcement solutions for businesses negotiating orders, contracts and transactions or handling sensitive information across Unified Communications and Collaboration. By using our solutions, compliance teams can replay, verify and analyze trade-related conversations, identify trends, fulfill audit requests and reconstruct the chain of events of any transaction.

Build Your Regulatory Adherence on Sound Foundations

Verint’s reliability is crucial to ensure all calls are available when needed. We have many financial services clients with multi-site operations and hybrid communications environment who record all their extensions redundantly and use advanced speech search capabilities for 5 years of historical conversation records.

Trading with confidence

Besides ensuring legal compliance, trading rooms and brokerage departments also use our trading turret recording technology, fine-grained user interface, instant conversation replay and call marking capabilities to easily verify prices and volumes mentioned on the call, during their after call wrap-up. Verint supports multiple leading trading communications solutions to ensure reliable capture, storage, monitoring and management of business-critical interactions for improved financial compliance.

The future of finance is proactive

Verint is the ultimate solution for the financial services industry to avoid conflicts of interest and compliance breaches by proactively enforcing communication and content policies across your organization. The Ethical Wall is designed to allow your business to set up communication boundaries to prevent specific entities (users, teams, domains, departments) from communicating with each other or block specific types of content to be shared. By doing so, the proactive compliance solution helps prevent compliance failures before they occur and facilitates conformance with the Sarbanes-Oxley Act in the US or MiFID II and GDPR in the EU, among others.

Our integrated platform turns the fulfillment of e-discovery and forensic data analysis requests or legal hold measures into effortless activities for your administrators, supervisors and compliance teams.

Reinventing Financial Compliance for the New Market Landscape

Discover our holistic compliance framework spanning reactive, active and proactive compliance capabilities for the new regulatory environment.

Improve compliance procedures

Verint offers easy-to-use and flexible solutions for compliance officers to develop compliance quality management programs and improve compliance procedures at your organization. The platform delivers real-time monitoring, performance tracking and employee evaluation with smart scoring, coaching and enterprise-level reporting to enable flawless and compliant business operations.

PCI DSS Compliance

Our platform ensures PCI readiness while your business is processing cardholder data. Verint offers multitudes of features to ensure your PCI DSS compliance, from end-to-end encryption and audit trails to secure role-based access control and selective recording.

Recording assurance made simple

Tightening requirements in the financial services dictate regular and ad-hoc assessment of adherence to recording procedures by assuring the adequacy of such mechanisms in place. Therefore, your business must provide proof that all relevant communications are captured, readily available and no recording has been missed.

Verint helps you comply with such regulatory demands by automatically verifying recording quality and applying CDR Reconciliation to validate if all recordable conversations have been captured correctly.

"It is very easy to locate calls, I just log in via the web interface and find the recording with a click of a button. This is extremely positive – a vast improvement to what we had previously when it comes to resolving disputes surrounding a trade. Every minute counts, so in that sense it decreases our risk.

FX and Equity Trader, Nordic Asset Management Company

Learn more about how Verint Financial Compliance enables regulatory compliance for financial services organizations

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